List of All Central Bank Digital Currency and Stablecoin Initiatives
The following is a growing list of Central Banks who have started to research distributed ledger-based and digital currency technology — otherwise known as Central Bank Digital Currencies or CBDCs.
Whether it was the perceived threat of Libra, the growing demand for digital money, or forced digital transformation as a result of Covid-19, Central Banks all around the world have begun initiatives to explore the use and risks of using stablecoins and digital currencies pegged to the central reserve via the country’s native currency. Some look towards distributed ledger and blockchain technology while others shy away. Check out the below list to see which banks are up to what when it comes to launching a CBDC!
Currently, we have identified at least 45+ central banks around the world publicly researching payments technology and its applications, with the potential result being the launch of a CBDC that used distributed ledger, blockchain, or existing fintech solutions. A 2020 survey among 66 central banks by the BIS found that a large number of central banks around the world are actively developing retail CBDCs, with a third stating that issuing a retail CBDC was a medium-term possibility. However, the report did not reveal what each central bank’s responses were, making it unclear who was actively exploring a CBDC. So we decided to research all 66 participants (and others) to try and identify public CBDC programs and will continue to look for new announcements and updates as they are revealed and add them to this list.
The following list is in alphabetical order by continent and country. This list was last updated on June 15th, 2020.
Africa
🇪🇬 Egypt
Started Research: Began exploring the value of a CBDC in December 2018.
Initial Stance: The central bank of Egypt (CBE) says that a CBDC can help keep issuance and transaction costs to a minimum compared to banknotes.
Stage of Research: The central bank is conducting the feasibility studies in cooperation with a number of international financial institutions without disclosing names or specifying whether the anticipated currency would be traded for banks only or between banks and clients
Blockchain Views: Unclear at this time.
Targets: The CBE has not announced any target launch dates for a pilot program or updates since the 2018 announcement.
🇬🇭 Ghana
Started Research: The Central Bank of Ghana (BoG) created a payment systems department in 2016. They first revealed their intention to explore a CBDC in November of 2019.
Initial Stance: The BoG recognized the benefits of wider financial inclusion in the country given the large percentage of the population that is unbanked. As a result, the BoG has been exploring and implementing fintech payment solutions across the board and is setting up a fintech sandbox for private companies to participate in.
Stage of Research: The BoG’s deputy governor, Dr. Maxwell Opoku-Afari, restated in June 2020 that they are actively exploring a CBDC solution. No further information about the progress or results is available at this time.
Blockchain Views: The BoG is exploring the full spectrum of options and no clear preference for distributed ledger or blockchain technology has been declared.
Targets: There have not been any public target dates set by the BoG at this time.
🇲🇺 Mauritius
Started Research: The Central Bank of Mauritius (BoM) first began exploring a CBDC in November of 2019.
Initial Stance: “We are determined to make our country a leader in the region, where a well-regulated central bank-issued digital currency becomes a reality.” — BoM governor Yandraduth Googoolye in 2019. No further details were shared other than the CBDC will be designed for both retail and wholesale use.
Stage of Research: An announcement regarding a formal pilot project is expected sometime in 2020 after the current central bank’s governor Harvesh Seegolam confirmed the project and upcoming announcement.
Blockchain Views: Since no formal CBDC project has been announced, it is unclear what the views of BoM are on distributed ledgers and blockchain technology other than a clear expectation that they would be evaluating them in their upcoming pilot.
Targets: The BoM is expected to announce a formal pilot program for the CBDC in the coming months.
🇷🇼 Rwanda
Started Research: The National Bank of Rwanda (NBR), Rwanda’s central bank, announced that it was interested in CBDCs in August of 2019.
Initial Stance: The NBR is looking to learn more from other central banks before it develops and rolls out a CBDC in their own region, specifically citing Canada, the Netherlands, and Singapore as countries to follow. “There are still concerns about how exactly you convert the entire currency into digital form, how to distribute that and how fast can you process those transactions. Challenges come in, if technology is down how do you deal with such issues? We will join in once we are ready.” —Peace Masozera Uwase, Financial Stability Director-General.
Stage of Research: The NBR has not announced any official CBDC research programs but is actively exploring it internally. John Rwangombwa, the NBR’s governor said in 2020 “Currently, there is nothing in the pipeline and no commitment to issue a digital currency.”
Blockchain Views: The NBR has not made clear if they will be using distributed ledgers or blockchain technologies in the CBDC and it is likely that they would follow in the footsteps of the CBDC programs they are watching.
Targets: There have not been any public target dates set by the NBR at this time.
🇸🇳 Senegal
Started Research: The Banque Centrale des États de l’Afrique de l’Oues (BCEAO) or Central Bank of West African States first officially began research for the use of digital currency in 2016 but was exploring the concept even years earlier.
Initial Stance: The BCEAO was researching into CBDCs specifically to be able to promote financial inclusion, greater transparency with controls for the currency, and the digitization of the financial system in West Africa.
Stage of Research: The eCFA pilot is produced with technology created by eCurrency Mint Limited, a company that enables central banks to create their own digital fiat currency, designed to be circulated alongside paper money as legal tender and will be distributed via a local bank, Banque Régionale de Marchés (BRM). The pilot was successful and the eCFA remains to be live and functioning. Results of the pilot have not been published by the BCEAO. The BCEAO represents other nations beyond Senegal. If the eCFA is rolled out successfully in Senegal than the CBDC is expected to expand into most of Francophone West Africa Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Lusophone Guinea Bissau.
Blockchain Views: The eCFA technology platform does not use distributed ledger or blockchain technology and is a centralized digital currency system that uses mobile wallet and QR code solutions.
Targets: No public target dates for future pilots or rollouts have been set by the BCEAO beyond the pilot being successfully completed in 2017.
🇿🇦 South Africa
Started Research: The South Africa Reserve Bank (SARB) supposedly began exploring the use of a CBDC as early as 2016, developing a 5-year consultation on the matter. At the end of 2019, the SARB issued new crypto regulations to help curb competing currencies and solutions.
Initial Stance: The CBDC will be issued at one-to-one parity with the rand, and accepted by businesses and the South African government. The currency will enable instant person-to-person transfer of value without clearing and settlement, the tender said, and consumers must be able to own and transact in the CBDC without the need for a bank account — according to the SARB.
Stage of Research: According to a 2018 report, the SARB was trialing a distributed ledger CBDC that was able to process the typical daily volume of the South African payments system in less than two hours with full confidentiality of transactions. The 2016 study is expected to conclude in 2020 with results determining next steps.
Blockchain Views: The SARB says that there are no expectations that the future technology platform has to be based on a distributed ledger, blockchain or any other format and that the solution could be based on a combination of technologies.
Targets: The 2016 study is expected to conclude in 2020 with results determining the next steps for the development and deployment of the CBDC.
🇹🇳 Tunisia
Started Research: Tunisia’s Central Bank, Banque Centrale de Tunisie (BCT), started exploring the concept as early as 2015 with announcements in 2019 that an e-dinar was being tested as a proof of concept.
Initial Stance: In November of 2019, the BCT had to clarify that it had no official CBDC stance or pilot program with any third-party in the works for the e-dinar. The BCT said it was conducting internal tests to further evaluate the technology and benefits of a CBDC. The bank is studying the opportunities and risks inherent in these new technologies, particularly in terms of cybersecurity and financial stability.
Stage of Research: No new updates have been made regarding the e-dinar since the clarification by the BCT that they were not piloting a live CBDC program. The expectation is that they are currently further evaluating the technology and benefits internally.
Blockchain Views: The BCT has made clear that it would review all technical solutions. The company that claimed to be working with the BCT on the e-dinar (which forced the clarification statement) was a blockchain development firm.
Targets: No new public targets for an official CBDC program have been announced at this time. The BCT has confirmed that they would be launching a fintech regulatory sandbox for innovations such as this one in 2020.
Asia
🇰🇭 Cambodia
Started Research: In April 2017, The National Bank of Cambodia (NBC) partnered with Japanese blockchain firm Soramitsu to begin researching a CBDC.
Initial Stance: In 2014, the NBC had previously said bitcoin does not fall under its definition of a currency. In 2017, the bank changed its tune in an effort to modernize the financial infrastructure and remove Cambodia’s dependency on the US dollar.
Stage of Research: The first tests occurred in April of 2019, where “Project Bakong” was announced. already has the support of 11 national banks, with others expected to join soon. The system is reportedly already testing retail transactions. The platform will support Cambodian riels and USD and offer 24/7, 365 transfer capabilities, with eventual support for cross-border payments using the Bakong CBDC.
Blockchain Views: Users will be able to set up a Bakong wallet that will be automatically linked to their bank accounts, allowing easy fiat currency exchange into the new CBDC in real-time. NBC says it will store all transaction data from the platform, suggesting payments may be fully traceable. The Bakong system is built on the Hyperledger Iroha distributed ledger technology.
Targets: The Bakong platform’s launch is slated as imminent and expected sometime in 2020.
🇨🇳 China
Started Research: June 2017 and completed in 2020.
Initial Stance: At the end of 2016, the Chinese government had announced that blockchain would be part of its 5-year technology plan. Despite beginning research efforts China went into a blackout and banned cryptocurrencies and exchanges in 2018. Then suddenly in the fall of 2019, China announced 500 blockchain projects and resumed its focus on a potential Yuan-pegged stablecoin.
Stage of Research: The DCEP (Digital Currency/Electronic Payments) is the final version of China’s CBDC that will eventually roll out in the country. The platform is currently being pilot-tested in four large cities around China — Shenzhen, Suzhou, Chengdu, and Xiong’an, a satellite city of Beijing with foreign merchants like Mcdonalds and Starbucks set to accept the CBDC in their Chinese stores. The DCEP is the first CBDC to ever be issued in the eastern hemisphere.
Blockchain Views: Exploring blockchain use in a secondary layer but the PBOC has said that it is currently not scalable and that the DCEP looks like more like an evolution of digital payments solution, Alipay.
Targets: The People’s Bank of China’s DCEP platform is set to roll out across the country upon successful pilot tests throughout the remainder of 2020 and into 2021.
🇭🇰 Hong Kong
Started Research: The Hong Kong Monetary Authority (HKMA) began researching a CBDC through Project LionRock in 2017. The first phase of the research was focused on exploring the feasibility of CBDC in performing domestic inter-bank payments, inter-corporate payment in the wholesale market, and delivery versus payment (DvP) debt securities settlement.
Initial Stance: The HKMA trialed the first phase with 8 domestic banks and chose R3 as a development partner. A second phase focused on cross-border payments would be carried out with the Bank of Thailand in 2019. Despite the study, in 2018, the acting secretary for financial services and the treasury of the HKMA said that in the “context of Hong Kong, the already efficient payment infrastructure and services make CBDC a less attractive proposition. The HKMA has no plan to issue CBDC at this stage but will continue to monitor international development.”
Stage of Research: The HKMA released their report with the BoT on their results of the collaboration at the end of 2019, citing reduced costs, risk, and faster settlement times than the traditional cross-border payments system. In November of 2019, the HKMA also announced a partnership with a subsidiary of the Institute of Digital Currency at the People’s Bank of China.
Blockchain Views: The HKMA remains focused on the prospective use of a CBDC for financial institutions rather than retail clients and has been using R3’s Corda platform and security tokens in their research.
Targets: A report with the results of further CBDC studies by the HKMA was due for Q1 of 2020. It is anticipated that the HKMA will release further details this year regarding their plans for issuing a CBDC.
🇮🇩 Indonesia
Started Research: Bank Indonesia (BI), the Central Bank of Indonesia, first began exploring the idea of a CBDC for the rupiah in January of 2018.
Initial Stance: Despite Indonesia having a blanket ban on cryptocurrencies, BI first began exploring a CBDC because they recognized the potential of the underlying blockchain technology, the need to reduce dependency on physical cash, and the fact that other central banks were exploring doing the same.
Stage of Research: The proposed CBDC project in 2018 was designed to last two years, concluding sometime in 2020. According to the head of the Indonesian Blockchain Association, BI has already done several workshops with local fintech companies and that a whitepaper of the results of the program should be released within this year.
Blockchain Views: As reported by the Indonesian Blockchain Association, BI has been exploring existing fintech solutions, distributed ledgers and blockchain technology to see which technologies or combination makes the most sense. The whitepaper anticipated for this year is expected to reveal more about BI’s stance on the underlying technology.
Targets: The research project is to be finished in 2020 with the expectation that BI will reveal more information about future plans and rollouts for an e-rupiah.
🇯🇵 Japan
Started Research: The日本銀 or central Bank of Japan (BoJ) first announced interest in CBDC research in 2017 and named Mizuho Financial Group as the lead bank to develop the pilot project for the J-Coin. The J-Coin is endorsed by the BoJ but is not technically being issued by the BoJ and therefore is not a CBDC.
Initial Stance: Prime Minister Shinzo Abe told parliament that the government would work with the BoJ with the ultimate aim is to improve the yen as a means of payment and settlement.
Stage of Research: Although no public pilot programs have been initiated by the BoJ, they have shown interest in CBDC research in multiple forms, seeing them as either retail, wholesale, or a hybrid of the two. The J-Coin is one of several reported initiatives the BoJ is exploring to further evaluate and understand the benefits of a hypothetical e-yen. One of those initiatives includes participation with the European Central Bank. No publicly known pilots of an official CBDC by the BoJ are live at this time.
Blockchain Views: The BoJ is evaluating all forms of digital currency, including distributed ledger and blockchain technology. No official statements have been made regarding the efficacy or challenges and therefore it is unclear at this time if the BoJ has a preference.
Targets: The BoJ has not implemented and official research or pilot programs and has not announced any target dates at this time.
🇸🇬 Singapore
Started Research: The Monetary Authority of Singapore (MAS) first announced exploring blockchain technology in 5 stage research project called Project Ubin in November of 2016. A cross-border CBDC with the Bank of Canada and Bank of England was announced in November of 2018.
Initial Stance: The first three phases of Project Ubin explored distributed ledger technology applications for clearing and settlement to delivery on payment. The MAS has notably been working with Accenture, R3, IBM, Microsoft, and J.P. Morgan. Singapore has consistently been focused on digitizing its financial infrastructure and Project Ubin acts as an extension of that progress. “Project Jasper and Project Ubin have built on previous innovations in the payments area to demonstrate that cross-border payment and settlement can be made simpler and more efficient,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.
Stage of Research: Project Ubin is in its final (fifth) phase stage of research exploring broader application and implementation of a CBDC. As part of this research, the MAS has developed a blockchain-based payments network with J.P. Morgan and Temasek to enable payments to be carried out in different currencies all on the same network.
Blockchain Views: From the beginning of Project Ubin, the MAS has recognized the potential of distributed ledger and blockchain technology. The MAS has gone as far as to develop projects on R3’s Corda, IBM’s Hyperledger Fabric, and J.P. Morgan’s Quorum. It is expected that distributed ledger technology serves as the base layer for Project Ubin.
Targets: The research is expected to be completed in 2020, revealing more information about MAS’s views and future implementations (or needed research) for a CBDC in Singapore.
🇰🇷 South Korea
Started Research: Sometime in April 2020.
Initial Stance: Originally, the central bank of Korea (BoK) had a wait-and-see approach. With the recent advancement of many other nations also now exploring the technology, the bank has decided to join the race. Still, officials say they are wary of the potential benefits and will be hesitant to launch a CBDC before their research is finished.
Stage of Research: The BoK has begun a 22-month pilot study to explore the use of a CBDC as of April 2020.
Blockchain Views: Unclear at this time.
Targets: To complete the pilot research by February 2022 and reassess the need to offer a CBDC in Korea. Overall, the government has a 10-year plan to study CBDC technology and potentially integrate it into the financial system.
🇹🇭 Thailand
Started Research: The Bank of Thailand (BoT) began exploring the potential of a CBDC in August 2018 when they announced that they had selected R3 and 8 other Thai banks to trial with. The CBDC trial was named Project Inthanon.
Initial Stance: Project Inthanon is to be rolled out in phases with Phase 1 being developing and testing a proof-of-concept prototype for domestic wholesale funds transfer by using wholesale CBDC. Phase 2 was focused on Delivery-versus-Payment (DvP) for interbank bond trading and repurchase transactions, and regulatory compliance and data reconciliation for third party funds transfer. And Phase 3 was focused on exploring the interoperability amongst ledgers to achieve cross-border funds transfer which includes business modality and implementation of relevant foreign exchange regulations, aiming to reduce associated costs and enhance efficiency — in partnership with the Hong Kong Monetary Authorities’ Project LionRock.
Stage of Research: The BoT has completed all three phases of Project Inthanon and has published a report with the HKMA on the findings of Phase 3. No additional phases or projects have been announced by the BoT at this time.
Blockchain Views: The three individual phases all proved to successfully quantify the value of a distributed ledger-based CBDC. The report from Phase 3 acknowledges that there were reduced costs, risk, and faster settlement times than the traditional model.
Targets: Unclear at this time, but the Phase 3 report suggested further expansion of the testing and platform.
Australia
🇦🇺 Australia
Started Research: Sometime in 2019.
Initial Stance: In a speech in June 2018, Tony Richards, the head of the payments policy department of the Reserve Bank of Australia (RBA), said “So for the time being at least, consideration of a possible new electronic form of money provided by the Reserve Bank to households is not something that we are actively pursuing. Based on our interactions with our counterparts in other countries, it is also not front of mind for most other advanced economy central banks.”
Stage of Research: In December 2019, the RBA submitted to legislators a proposal to further explore a CBDC, possibly based on blockchain technology. The RBA acknowledges that there is no appetite for a digital Australian dollar at this time, but that there could be uses for commercial banks.
Blockchain Views: Currently neutral. The RBA does not rule out cryptocurrencies but recognizes concerns with distributed ledger technology.
Targets: The Innovation lab within the RBA has not announced any target launch dates for a pilot program.
Caribbean
🇦🇮 Anguilla 🇦🇬 Antigua & Barbuda 🇧🇧 Barbados 🇩🇲 Dominica 🇬🇩 Grenada 🇲🇸 Montserrat 🇱🇨 St. Lucia 🇻🇨 St. Vincent & the Grenadines 🇰🇳 St. Kitts & Nevis
Started Research: The Eastern Caribbean Central Bank (ECCB) began researching a CBDC for the 8 islands it represents in 2017, implementing a plan to explore and launch a CBDC by 2021.
Initial Stance: “We acknowledge that FinTech will eventually transform the ECCU financial system and by extension its regulatory construct. Furthermore, we accept that the ECCB has a responsibility to influence the adoption speed and disruption extent of FinTech innovation in the ECCU.” — ECCB Strategic Plan Report from 2017.
Stage of Research: In March of 2019 the ECCB announced a partnership with Bitt, Inc. in order to develop a blockchain-based digital currency. Shortly after, in October, the ECCB announced the DXDC CBDC project.
Blockchain Views: The DXDC system uses the secure private blockchain Hyperldeger Fabric for transparency with the network operator (the ECCB) for validating all the transactions.
Targets: The ECCB is targeting a 2021 launch date for the DXDC and by 2025 to have a 50 percent reduction in the use of cash, an 80 percent reduction in the use of cheques and growth of between 40 percent and 60 percent in the use of credit cards, debit cards and electronic payment systems in the region.
🇧🇸 Bahamas
Started Research: It is unclear when the Central Bank of Bahamas’ (CBOB) research in the CBDC began, although the island nation has been moving towards a digital financial ecosystem since the Bahamian Payments System Modernization Initiative was introduced in the early 2000s.
Initial Stance: “Cash usage also imposes physical security risks on businesses and creates more exposure to fraudulent losses relative to electronic point of sales transactions. As it relates to physical safety, a widely adopted CBDC would also place users at less risk of violent crimes that target holders of cash, and potentially reduce security and insurance costs associated with keeping cash on business premises.” — CBOB Project Sand Dollar Report
Stage of Research: In December of 2019, the CBOB rolled out a pilot of the Sand Dollar in Exuma. The CBOB is still in the process of enrolling all the 1,200 persons who signed up for the pilot in Exuma, while there are a further 2,000 who have expressed interest in participating in the initiative there.
Blockchain Views: The vision is to streamline and accelerate the process of residents paying retailers with QR codes on their phones — which doesn’t require distributed ledger or blockchain technology. The Sand Dollar will be a digital currency built on existing fintech solutions in the market.
Targets: The CBOB wants to expand the Sand Dollar to the rest of the nation in the second half of 2020.
🇨🇼 🇸🇽 Curaçao & Sint Maarten
Started Research: The central bank of Curaçao & Sint Maarten (CBCS) began exploring CBDC technology in August 2018 according to an MOU with Barbados-based fintech startup, Bitt.
Initial Stance: The CBCS is looking to reduce the level of cash usage within the monetary union and facilitate more secure, more Anti-Money Laundering and Know Your Customer (AML/KYC) compliant transactions between the islands.
Stage of Research: The central bank switched development partners in March of 2020 and is now working with equensWorldline, a European payment infrastructure provider in order to design a new payment, clearing, and settlement system. It will conduct transactions in both Antillean guilder and the US dollar.
Blockchain Views: It is unclear whether distributed ledger technology will be utilized for the payments platform due to change in technology partners for the project.
Targets: The CBCS CBDC is aiming to launch in 2021.
🇲🇭 Republic of Marshall Islands
Started Research: The Republic of Marshall Islands (RMI), an island nation of more than 1000 islands, has no official central bank. In 2018, legislators announced the project for a crypto-fiat based currency that was submitted as a proposal to the International Monetary Fund (IMF).
Initial Stance: The RMI is reliant on the US dollar since its independence from the country in 1979. Since then, decreasing economic grants and a lack of alternative currency has put the country’s currency dependence on the US dollar, and issuing a second legal tender in the region would allow the region to gain currency independence. The IMF has rejected the RMI’s proposal citing concerns for keeping economic stability if the digital currency was launched.
Stage of Research: In 2019, the RMI decided to move forward with the digital currency project and recruited SFB Technologies to help design and develop it. With it came the official name, SOV, representing the sovereign banknotes of the RMI. Since then, Tangem has also been announced as a partner to issue the bank notes supporting the digital currency and several key advisors have been added to the project. The digital currency will be issued under the following architecture: There will be a max total of 24 million SOVs initially, with monetary supply increasing by 4% per year (with the figure encoded on a blockchain) and each new issue will go directly to the stakeholders: RMI citizens, and other investors
Blockchain Views: Given that the RMI has no central bank, the SOV currency will be completely blockchain-based in order to create a monetary regulating element that will be sufficient for the island nation to scale. Several blockchain firms and experts are notably part of the project. This is notably the first true stablecoin solution created and endorsed by a government.
Targets: The RMI is targeting a 2020 rollout of the SOV currency. In addition, the IMF is slated to revisit the proposal in December of 2020.
Europe
🇩🇰 Denmark
Started Research: Danmarks Nationalbank (DN), the central bank of Denmark, first started exploring issuing a CBDC for the Danish krone in December of 2016.
Initial Stance: Lars Rohde, governor of the DN says that the DN is responsible for overseeing cash production within the country. Rohde aims to outsource the production of Danish krone and hopes to replace cash with its independent financial network based on blockchain technology. The DN saw the potential benefit of fully traceable money citing that the irrefutable and unalterable serial numbers of e-krone will enable the government to track the flow of its currency efficiently through a transparent ledger.
Stage of Research: The DN finished its research into a e-krone CBDC in December 2017 and determined that a CBDC solution would not improve the current financial infrastructure of Denmark and that offering an e-krone would essentially make the DN compete with commercial banks. “The potential benefits of introducing central bank digital currency for households and businesses in Denmark would not match the considerable challenges which this introduction would present.” — DN 2017 Report
Blockchain Views: The research did not yield any information about the benefits of distributed ledgers or blockchain as improvements for the current currency system. The DN concluded that existing financial technologies and systems are sufficient for the country.
Targets: The DN has not made any changes to their plans for a CBDC and plans to launch an e-krone remain canceled at this time.
🇪🇪 Estonia
Started Research: In August of 2017, the managing director of the Estonian e-residency program, Kaspar Korjus, proposed the creation and issuance of a national virtual currency to be called Estcoins.
Initial Stance: The purpose of the Estcoin digital currency was to create a digitally native currency that could be used by the 30,000+ e-residents that have chosen to become digital citizens of Estonia. The coin would have been privately issued by the Government of Estonia, not by the European Central Bank (ECB), which Estonia would be reliant on for creating a Euro-based CBDC.
Stage of Research: The project was ultimately canceled in 2018 after the President of the ECB intervened and disavowed the idea.
Blockchain Views: The Estcoins digital currency would have been issued as an initial coin offering and would have been built entirely on the blockchain — Estcoins were going to potentially be one of the first true stablecoins to be backed by a government or central bank.
Targets: Estonia looks towards the ECB to leverage a CBDC in the future. No plans to resurrect Estcoins are known at this time.
🇪🇺 European Central Bank
Started Research: The European Central Bank (ECB) has been exploring commercial CBDCs for some time and already has a largely already digital operation. In May 2020, the ECB acknowledged that a retail CBDC has potential and that it has begun researching its potential applications.
Initial Stance: The ECB will only introduce a digital currency if they become firmly convinced that it is both necessary and proportionate to fulfill their tasks in ensuring the stability of the Euro currency.
Stage of Research: The ECB has joined the Bank of Canada, the Bank of England, the Bank of Japan, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), to create a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions. The ECB is reportedly working closely with the central banks of France and the Netherlands for regional testing.
Blockchain Views: Yves Mersch, executive board member of the ECB, has said that a retail CBDC could be based on a digital token circulated “in a decentralized manner, without a central ledger,” though he stopped short of saying the words blockchain or distributed ledger. It is unclear what the ECB thinks of distributed ledger technology for CBDCs at this time.
Targets: No public target dates for a digital Euro backed by the ECB themselves have been announced but the central bank is expected to share an update in the second half of 2020 or early 2021.
🇫🇮 Finland
Started Research: In May of 2017, the Suomen Pankki (SP), Finland’s central bank, released a paper exploring the demand for a CBDC in Finland.
Initial Stance: The SP recognized the growing trend of CBDCs and wanted to explore the potential benefits in regards to digitization, retail inclusion, removing the need for a third-party, and improving central bank currency controls.
Stage of Research: The SP hasn’t fully endorsed CBDCs and only acknowledged their potential in its 2017 report. Since then, the SP hasn’t released any new information or programs to research or implement a CBDC. The SP’s chief advisor on the subject also acknowledged recently that outdated regulation is as much of a factor as technology when it comes to improving the financial system of Finland.
Blockchain Views: The SP hasn’t ruled out distributed ledger technology but blockchains are viewed as unscalable. “A blockchain network would not be particularly suitable because it would be slow, poorly scalable, have latency issues, and because it would be complicated to incentivise and govern how its nodes should operate. It’s just much easier and more efficient for a bank to keep its ledger behind a firewall and let nobody near it.” — Aleksi Grym, Head of Digitalisation at Bank of Finland.
Targets: The SP has not made any new announcements regarding the research or development of a CBDC in Finland.
🇫🇷 France
Started Research: After the launch of Libra, members of the Banque de France and French political leaders called for the need to explore a “wholesale CBDC” to create a “public digital currency.” In October of 2019, European-wide reform to develop and launch an eEuro was called for by the central bank.
Initial Stance: In December 2019, French central bank governor François Villeroy de Galha said he wanted France to be the first country to issue a digital currency. “The potential role of a wholesale CBDC is, in my view, worth considering, if not desirable.” — Denis Beau, a deputy governor of Banque De France.
Stage of Research: In May 2020, the Banque de France successfully completed a pilot transaction using technology that was developed in-house. The central bank programmatically paid for a 40M Euro bond (issued by Société Générale) using the eEuro CBDC. The euro token represented a cash deposit with Banque de France and was used for the digital settlement of the transaction, which in turn triggered a cash movement between the investor’s account and the issuer’s account — both of which were held with Banque Du France.
Blockchain Views: The Banque de France sees the distributed ledger technology as a critical component to successfully implementing a CBDC. The test transaction in May 2020 was completed using smart contracts and security tokens to represent the bond.
Targets: Many more planned pilot tests are expected in 2020, including bank-to-bank transactions. No deployment of a retail CBDC pilot has been announced yet.
🇮🇸 Iceland
Started Research: In October of 2018 the Seðlabanki Íslands (SI), Iceland’s Central Bank, released a report announcing the need to further explore a CBDC based on the Icelandic króna dubbed the rafkróna.
Initial Stance: The SI recognized that other Nordic countries were exploring the use of a CBDC and wanted to have an open-minded approach. The report claims the SI is interested in determining the value of physical cash, comparing existing fintech solutions, and how a CBDC would affect the various stakeholders in Iceland’s financial ecosystem.
Stage of Research: Beyond the 2018 report, the SI has not announced any new research projects or programs to study or develop the rafkróna.
Blockchain Views: The SI questions the specific benefits of distributed ledger and blockchain technology and intends to compare existing fintech solutions to quantify the values as part of its analysis for a CBDC, according to the report.
Targets: The SI has not made any new announcements regarding the CBDC or plans to continue its research at this time. Since the report, the SI has appointed a new governor and since merged with a private bank in Iceland.
🇱🇹 Lithuania
Started Research: Lithuania’s central bank, Lietuvos Bankas (LB) first announced official efforts in exploring CBDC technology a discussion paper released in December 2019 but has been exploring CBDC applications since 2018.
Initial Stance: The LB “is tackling the issue primarily from the practical perspective. First, experience gained via broadening access to the retail payment system to non-bank institutions provides valuable insights on a what if scenario in case of synthetic CBDC. Second, the application of distributed ledger technology to issue a digital numismatic coin provides technological hands on experience and know-how.” —LB 2019 CBDC discussion paper.
Stage of Research: In July of 2020, the LB is expected to mint its first CBDC tokens purely for internal use. The purpose is for the LB to better understand the intricacies of distributed ledgers and blockchain and quantify the benefits of a CBDC. It is being tested on a blockchain sandbox the LB made available called LBchain which has now completed its three-phase research stage.
Blockchain Views: The LB is interested in extracting the value of distributed ledger technology specifically, trialing projects with IBM Poland, which used Hyperledger Fabric, and Nordic IT firm Tieto, which trialed Corda. The LB has not made clear its official stance on the benefits or drawbacks.
Targets: The LBChain platform is expected to go live sometime this year with the intention of including private partners to further test CBDC use cases.
🇳🇱 Netherlands
Started Research: De Nederlandsche Bank (DNB), the Central Bank of the Netherlands, started researching CBDCs presumably sometime in 2018 or 2019 but it is unclear at this time.
Initial Stance: “A smart contract system with complex logic potentially increases the demand for CBDC and offers opportunities to reduce transaction costs… in this way it could contribute to diversity and innovation in the payment market.” — The DNB on their Report on CBDCs published in April 2020.
Stage of Research: The Netherlands is reliant on the European Central Bank (ECB) to introduce a Euro-based CBDC to be able to use in the Netherlands. Instead, the DNB has publicly volunteered to be a testing ground to test retail functionality.
Blockchain Views: The DNB views the potential of blockchain, distributed ledgers, smart contracts as technologies that could be effective in offering a better way to manage a fiat currency. When it comes to leveraging a public blockchain, the DNB is skeptical because of the sacrifices and constraints that come with them.
Targets: The ECB is likely to work with the DNB to test a pilot version of a Euro CBDC given their public endorsement of the technology. An update from the ECB is expected in the second half of 2020
🇳🇴 Norway
Started Research: Norway’s central bank, Norges Bank (NB), first announced research into CBDCs through releasing a report on the topic in May 2018.
Initial Stance: The working group at NB studying CBDC’s were focused on 1) To ensure a public and credit risk-free alternative to deposits in private banks, in addition to cash, 2) To function as an independent back-up solution for the ordinary electronic payment systems and 3) To ensure the existence of suitable legal tender as a supplement to cash, according to the report.
Stage of Research: The working group at NB released a second report in 2019 with additional conclusions regarding distributed ledger technology and token-based currency systems. In the third phase of the working group, they will conduct a more detailed assessment of the proposed solutions and what they will require in terms of technology development. Consideration will also be given to consequences for the payment system, financial stability, and monetary policy according to the report.
Blockchain Views: The NB found that a distributed ledger-based CBDC was the strongest in terms of benefits versus drawbacks in comparison to both a centralized fintech or decentralized blockchain solution.
Targets: It is anticipated that the NB working group will complete its third research phase sometime in 2020 and the NB will release its findings shortly after.
🇷🇺 Russia
Started Research: The central Bank of Russia (BoR) confirmed in June of 2019 that they were researching and exploring the potential use of a CBDC.
Initial Stance: The BoR wants to ensure that the technology is more beneficial than cumbersome, including analyzing the retail user benefits such as security and the bank level benefits, such as additional currency controls. It also wants to quantify how it is better than the current system.
Stage of Research: The BoR has established a regulatory sandbox to begin conducting CBDC research with third-parties. No official programs, partnerships, or new publications on CBDCs have been made by the BoR since the 2019 confirmation that they were exploring it.
Blockchain Views: All technical solutions will be explored with the focus being comparing distributed ledger technology to centralized fintech solutions. No public statements have been made regarding any specific technology but the Russian government and BoR have supported banning cryptocurrencies and private digital currency solutions.
Targets: There have been no official CBDC projects put in place by the BoR yet and therefore there are no public target dates set.
🇸🇪 Sweden
Started Research: The Riksbank, Sweden’s Central Bank, began exploring a CBDC solution in November of 2016 when Cecilia Skingsley published a speech questioning the benefits of an e-krona.
Initial Stance: “If the market can make use of the new technology to launch new and popular payment services, why shouldn’t the Riksbank be able to do the same?” — Cecilia Skingsley
Stage of Research: At the end of 2019, Sweden announced a trial project with Accenture and R3 targeting a one-year pilot study to test the e-krona in a retail environment.
Blockchain Views: Specifically, distributed ledger technology was first introduced in 2017 according to a report by the Riksbank. “From a purely technical point of view, we can see nothing at this point in time that would prevent an e-krona solution built around a central register. RIX, the Riksbank’s system for the transfer of funds in accounts, is, for example, built around a central register. An e-krona could in principle be constructed in a similar way.” — According to the e-krona project report by Riksbank. A 2018 follow-up report further suggested moving away from centralization and using a distributed ledger saying “Technological development continues apace. The Project cannot therefore rule out a DLT solution becoming relevant in the longer term.”
Targets: The one-year pilot project timeline is set to have the retail CBDC initial testing be completed in February 2021. The e-krona has not been approved by the government. Current research is set to be used to quantify the benefits of the digital currency and to further determine when and how to roll out the technology.
🇨🇭 Switzerland
Started Research: The Schweizerische NationalBank (SNB), Switzerland’s central bank, entered into a partnership in October of 2019 with the National Stock Exchange of Switzerland (SIX) to explore a CBDC application and had been studying CBDCs with the Bank of International Settlements for several years (and continues to do so). In December of 2019, not even 90 days later, the SNB made a public announcement that they will not issue a CBDC.
Initial Stance: The status of the CBDC project with SIX is unclear at this time. The SNB seemed to be researching the technology and its applications for some time to come to the conclusion to reject a CBDC application for the franc.
Stage of Research: “Universally accessible central bank digital currency would bring no additional benefits for Switzerland at present. Instead, it would give rise to new risks, especially with regard to financial stability.” — SNB December 2019 Statement
Blockchain Views: The statement contained no mention regarding distributed ledger or blockchain technology. However, there was a section titled “Additional benefits currently low and outweighed by risks” that only cited that their internal “…report shows that central bank digital currency cannot meet… expectations, or only partly, that the repercussions can be far-reaching depending on the design…” which could be created by underlying technical limitations.
Targets: None. “The Federal Council and the SNB will continue to monitor developments in this area closely. Rapid technological developments, changing payment needs and the experience of other countries may lead to a reassessment of the opportunities and risks of central bank digital currency for the general public in the future.” — SNB December 2019 Statement
🇺🇦 Ukraine
Started Research: The National Bank of Ukraine (NBU), Ukraine’s central bank, started researching the benefits of a CBDC or e-hryvnia in 2016.
Initial Stance: The NBU saw the e-hryvnia as a disruptive technology that could potentially significantly change the ecosystem of the Ukrainian payment market and redistribute the existing roles of market participants.
Stage of Research: A pilot for developing and deploying an e-hryvnia was launched in December 2018 and concluded in February 2019 with results being published in February 2020. The pilot tested a distributed ledger-based centralized system with an allusion to future testing of a non-centralized version of the e-hryvnia. The report acknowledged legislative changes will be required in order to implement the CBDC in its centralized form.
Blockchain Views: The NBU recognized that a decentralized version would no longer make the e-hryvnia a CBDC but a fully decentralized currency. The report concluded that “For both models, the question of choosing the optimal basic technology remains open. For a decentralized model, the main benefits of distributed registry technology (DLT) can be used more efficiently than for the centralized one.” The centralized CBDC pilot that was conducted used a private fork of the Stellar blockchain but acknowledged it would need to improve the system or use an alternative set of technologies to make the e-hryvnia scalable enough for a public rollout in Ukraine.
Targets: No public dates regarding further CBDC research programs and pilots or the deployment of the e-hryvnia within Ukraine have been released by the NBU.
🇬🇧 United Kingdom
Started Research: The Central Bank of England(BoE) released a discussion paper in March 2020 raising the question of the potential benefits of a CBDC for the UK.
Initial Stance: When the Libra Stablecoin was first announced, the BoE firmly held the position that Libra was not suitable and that it would have to adhere to stringent rules and requirements. Now, in the 2020 report, the BoE is exploring all potential facets from cross-border payments to digital payments innovation and, even, improved central bank currency controls.
Stage of Research: As part of the BoE report, the objective is to create a discussion and research program around CBDCs for the BoE. BoE analysts have begun their research and are now exploring technology partners presumably to develop and pilot test a CBDC.
Blockchain Views: The BoE is exploring all options from complete centralization to leveraging a public blockchain. They are analyzing the various technology options through four lenses; Decentralization, sharing of data, cryptography, and programmability.
Targets: Responses to the 2020 discussion paper were due by June 12. Presumably, the BoE is preparing to publish an update that will share more details about their CBDC plans in the coming months. At this time there are no official target dates set.
Middle-East
🇮🇱 Israel
Started Research: The בנק ישראל or the Bank of Israel (BoI) began researching CBDC technology in November 2017.
Initial Stance: In 2018, the BoI released a report on the findings of the CBDC research. Specifically, the report concluded that “The main purpose of issuing digital currency is to maintain the public’s access to a central bank’s liability in the event that the use of cash declines significantly, as is happening in Sweden, but that issue is not currently relevant to the Israeli economy, since there is no significant reduction in the use of cash. The issuance of digital currency can generate other benefits, including assistance with combating the unreported economy, adaptation with the advanced technological environment, and advancing the fintech sector in Israel.” The paper concluded that issuing an e-shekel in the near future would not be advised.
Stage of Research: Since the conclusion of the BoI’s research in 2018, the BoI has not publicly introduced any further CBDC research or pilot programs. It is presumed the BoI continues to evaluate the technology and monitor world CBDC developments.
Blockchain Views: The BoI 2018 report suggested that a CBDC would have challenges, specifically saying “There are expected to be quite a few material and technological difficulties and risks in the issuance of CBDC that are mainly derived from the possible effect on the financial system. In addition, such issuance is expected to have an effect on the central bank as the issuer of cash, on its management of monetary policy, and on the payment system.” This is likely in reference to either a distributed ledger or decentralized blockchain model being technically limiting.
Targets: Since there are no publicly official research programs that are active in Israel, there are no official target dates publicly available at this time.
🇸🇦 Saudia Arabia & 🇦🇪 United Arab Emirates (UAE)
Started Research: In January of 2019, the United Arab Emirates’ central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) announced a joint venture partnership to explore a cross border CBDC between the two nations. The digital currency would be called Aber.
Initial Stance: The main goal of Aber is to create a digital currency that can be used between the two central banks of each nation and limited banks that are hand-selected by the central banks.
Stage of Research: There is no new information beyond an update in November 2019 showing confidence in the project. The nations are presumably testing and developing a pilot program.
Blockchain Views: The CBDC is said to be limited to financial settlements using distributed ledger technologies on a probational basis. No further details regarding the Aber digital currency have been revealed yet. Both nations have considerable blockchain efforts in other sectors and, therefore, it is expected that the CBDC will explore and ultimately use the technology.
Targets: At this time there are no official target dates set for the launch of Aber or for a pilot program to begin.
🇹🇷 Turkey
Started Research: Reports that Turkey was exploring a CBDC first appeared in 2018. The government of Turkey announced a CBDC project as part of its strategic roadmap or the “11th Development plan” in July 2019.
Initial Stance: Over the past few years Turkey has struggled with high inflation and has reportedly led to 1 in 5 Turkish citizens investing in cryptocurrencies. In addition, the Presidential Plan announcement included sweeping Fintech changes to the economy as part of a plan to digitize the Turkish financial system.
Stage of Research: The Türkiye Cumhuriyet Merkez Bankası (TCMB) is the central bank of Turkey and is working with the government and technology partner, R3. The goal is to develop and deploy a pilot project that tests the feasibility and benefits of the e-lira CBDC.
Blockchain Views: The government of Turkey in its report suggests that blockchain is a critical component of the e-lira and that it will be implemented as part of the e-lira roll out.
Targets: The government has announced that the pilot project should be completed by the end of 2020 and that the e-lira should be rolled out to the public in 2021.
North America
🇨🇦 Canada
Started Research: October 2019
Initial Stance: “Cryptocurrencies may become a direct threat to our ability to implement monetary policy and lender of last resort (LOLR) role. An additional payment method could make the payment system more robust. But digital currency also presents a risk to stable, low-cost funding for (banks) (deposits).” — Stephen Poloz, Governor of the Bank of Canada
Stage of Research: Initial research began in September 2018. A two-year research proposal was announced a year later. It is unclear when the research started.
Blockchain Views: The BoC has no shared any details about the underlying technology and their views on the subject are unclear at this time.
Targets: Anticipation for a full report on the research is expected in Fall 2020.
🇺🇸 United States of America (U.S.A)
Started Research: The United States Federal Reserve (Fed), which is responsible for managing the money supply of the US akin to the European Central Bank working with EU member country’s central banks, the Fed works with 12 different State federal banks in the US. The Fed first officially began exploring CBDCs in 2019. However, the federal reserve in St. Louis released a report on CBDCs earlier in February 2018.
Initial Stance: Fed chairman Jerome Powell responded to two legislators’ request for information regarding a US Dollar based CBDC. The chairman responded with the following statements: “While we are not currently developing a [CBCD], we have assessed and continue to monitor the costs and benefits of pursuing such an initiative in the US. Overall, we observe that characteristics that make the development of a [CBDC] more immediately compelling for some countries differ from those of the U.S. For example, the use of cash in some countries there has been a rapid migration by consumers away from cash, while demand for cash in the U.S. remains robust.” He concluded that “In the U.S. context, issuing a [CBDC] for general use would raise important legal, monetary policy, payments policy, financial stability, supervision, and operational questions that need to be considered carefully.”
Stage of Research: The Fed has not officially commenced and public programs regarding developing a CBDC research pilot. The Fed continues to look at other CBDCs while doing internal research. In June 2020, the Philadelphia Federal Reserve released a report on CBDCs suggesting that a “central bank cannot invest in long-term projects itself, but instead has to rely on the expert knowledge of investment banks to do so. [The Philadelphia Federal Reserve] has derived an equivalence result that shows that the set of allocations achieved with private financial intermediation will also be achieved with a CBDC, provided competition with commercial banks is allowed and depositors do not panic.” However, the paper also concluded that a CBDC came with a “sinister counterpart.” Specifically, the paper says “If the competition from commercial banks is impaired (for example, through some fiscal subsidization of central bank deposits), the central bank has to be careful in its choices to avoid creating havoc with maturity transformation.” In a press statement on the report, Philadelphia Federal Reserve President Patrick Hacker said “Frankly I don’t think we should be the first mover as a nation to do this… given the dollar’s role as the world’s reserve currency and the need to test out new technology. But he added: “It is inevitable … I think it is better for us to start getting our hands around it.” The State federal reserve says it will continue to monitor and evaluate CBDC benefits and drawbacks. In the meantime, the Fed is working on a payments system called FedNow, a centralized fintech solution offering a real-time payments network for private banks to use as an alternative to The Clearing House (TCH) in the US. The FedNow platform is supposed to launch sometime in 2023 or 2024.
Blockchain Views: In the initial 2018 report by the St. Louis Federal Reserve, the article concluded that “a central bank will not issue cryptocurrencies in the sense of a truly decentralized and permissionless asset that allows users to remain anonymous.” It is presumed that in the U.S. the underlying technology would either be a combination of centralized fintech solutions and distributed ledger technology or simply centralized completely.
Targets: The Fed does not have an official digital dollar or CBDC research program in place and therefore there are no official target dates publicly available at this time.
South America
🇦🇷 Argentina
Started Research: In 2019, a consortium called the “financial innovation roundtable”, which included the BCRA (Banco Central de la República Argentina), began designing the system. Gibraltar-based IOV Labs was chosen to provide the underlying technology for the platform.
Initial Stance: Argentina originally did not look positively towards cryptocurrencies. In 2014, digital assets such as bitcoin were labeled as a form of illegal tender, and with it came a warning of potential fraud.
Stage of Research: A proof-of-concept for the permission blockchain network has been created, based on RSK Smart Contract network, along with the major commercial banks in Argentina, including Santander and BBVA. One of the major goals of the proof-of-concept is to show that there are other use cases for blockchain such as smart contracts, other than just cryptocurrencies.
Blockchain Views: The BCRA is exploring the full potential of blockchain from DLT to smart contracts, even leveraging the RSK platform for the pilot.
Targets: the BCRA has not announced any target launch dates for the pilot program.
🇧🇷 Brazil
Started Research: In 2018, Banco Central do Brasil (BCB) created a working group to begin exploring instant payment technology.
Initial Stance: The previous president of the BCB, Ilan Goldfajn, had a negative view on cryptocurrencies, calling them “risky.” His successor, Roberto Campos Neto, was much more open-minded and recognized a need for the BCB to play a greater role, including requiring all banks and financial institutions to participate in its CBDC, PIX.
Stage of Research: In April of 2020, BCB conducted the first transaction settlement test on PIX. Banco do Brasil, Caixa Econômica Federal, BPP, Sicredi, and Bancoob all participated in the test. The platform is currently undergoing final testing with key financial stakeholders.
Blockchain Views: The BCB initially considered blockchain technology for the system but opted in the end to use ICP Brasil Digital Certificate, the Brazilian public key infrastructure that is already used in the National Payment System. PIX team members cited scalability and privacy concerns being the ultimate restriction. Some still believe there will be a bridge to a DLT-based CBDC or, at the very least, a way to create a stablecoin tied to the PIX platform.
Targets: A public launch of the PIX system is anticipated for November 10th, 2020, with financial institutions in Brazil being required to register between June and October to participate. For 2022, NFC will be employed in the PIX platform, along with programmed/scheduled future payments, as features. By 2023, the payments will be able to be attached to a document. This means that higher payments (the purchase contract of a house and so on) will be able to be conducted through the PIX system.
🇪🇨 Ecuador
Started Research: The central bank of Ecuador, Banco Central Del Ecuador (BCE) began researching a CBDC dubbed the dinero electrónico in 2014, marking it to be the first known country to roll out a CBDC to the public.
Initial Stance: Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy in Ecuador said of the dinero electrónico launch: “Electronic money will not only help the poor, he added, but will act as a cost-saving mechanism for the government: Ecuador spends more than $3 million every year to exchange deteriorating old notes for new dollars. There would presumably be less wear and tear on the currency if much of it was stored at the central bank while citizens relied on mobile payments.”
Stage of Research: The dinero electrónico CBDC is no longer actively operating in Ecuador. In December 2017, Ecuador’s National Assembly, at the urging of President Lenin Moreno, passed legislation to decommission the central bank electronic money system. The legislation simultaneously opened the market to mobile payment alternatives from the country’s private commercial banks and savings institutions.
Blockchain Views: The dinero electrónico CBDC was not built on a distributed ledger or blockchain technology and instead relied on centralized fintech solutions to launch in the market.
Targets: The ECB has not announced any new research or pilot programs for a new CBDC in Ecuador. Therefore, there are no public target dates available at this time.
🇺🇾 Uruguay
Started Research: The Banco Central Del Uruguay (BCU) announced an e-peso CBDC pilot program in 2017.
Initial Stance: The focus for the BCU was to explore the potential impact of a CBDC in regards to improving financial inclusion, make a more effective tax collection system, and expanding territorial reach. Additionally, the BCU wanted to see if CBDCs were more efficient and potentially cheaper and safer than the current system.
Stage of Research: The pilot project lasted one year and was completed in 2018. Since then, the government has been weighing its options and has not yet made any additional investments into further research or rolling out any programs.
Blockchain Views: The pilot program results contained no information regarding the use of blockchain or distributed ledger technology. The e-peso program was likely launched with traditional fintech solutions.
Targets: The BCU and Uruguayan government have not made any announcements regarding the implementation of the e-peso. No other target dates are public knowledge at this time.
Potential Newcomers
🇩🇪 Germany 🇮🇳 India 🇮🇹 Italy 🇰🇿 Kazakhstan 🇰🇪 Kenya 🇲🇹 Malta 🇲🇦 Morocco 🇳🇿 New Zealand 🇵🇭 Philippines
The above countries’ central banks have expressed interest in the possibility of a CBDC but have not publicly expressed any programs or initiatives towards it. The central banks are likely conducting internal research or waiting for additional results that specifically quantify benefits successfully from any of the other active CBDC programs before proceeding with their own.
Special Cases
🇻🇪 Venezuela
In December of 2017, the President of Venezuela announced the launch of Petro coin, a state-backed cryptocurrency linked to the countries oil reserves and is considered legal tender in the country. Venezuela has had extreme economic instability causing many of the population to flock to bitcoin. Many journalists around the world have cited that the Petro coin is just an effort by the government to curb other cryptocurrencies and further control the currency and economy of Venezuela. The US has officially sanctioned the Petro coin and its use and has even offered a multi-million dollar reward for information leading to the capture of the chief crypto head of Petro coin.
🇮🇷 Iran
Iran announced plans to launch a CBDC in 2018 with an official from the Iranian government saying “We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.” Iran is facing sanctions from the US and is looking at blockchain and distributed ledger technology to offer an alternative and navigate financial constraints created by the US sanctions.
🌐 Libra
Libra is a stablecoin that was designed to be the universal currency. Central banks around the world saw the launch of Libra as an existential threat and as far as potentially an audacious move by Facebook to become the largest bank in the world overnight — despite Libra being a separate organization with corporate members located all around the world. Their launch caused many central banks all around the world to expedite their research around CBDCs. A universal, stablecoin currency has been cited by many critics as a threat to monetary policy, central bank controls and influence, and financial stability. As a result, the Libra coin has been shunned by leaders of central banks all around the world and is still seeking regulatory approval from Switzerland’s FINMA regulator to authorize their launch to the world with the full support of financial regulators to ensure Libra’s authenticity.
If you have seen new updates or new CBDC programs launch that are not on this list, please leave a comment below and we’ll validate the information and update our list.
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